Aptos rose 15.7% to $5.14 before adjusting slightly to $4.97.
Over 16.5 million APT tokens were net bought off the exchange, however, holding the $5 mark is key for the bulls.
Aptos [APT] bounced off its recent bottom, breaking out of the descending channel to establish a local top at $5.14 on June 25.
This is an impressive recovery from the previous low of $3.70. As of now, APT is trading around $4.97, with a slight correction but still showing lasting strength.
The increase represents a 15.7% increase over the past 24 hours. During the same period, the altcoin's trading volume spiked 263% to $633 million, reflecting increased on-chain activity.
Smart investors act fast…
Not to miss the opportunity, derivatives traders also jumped in. Aptos perpetual contract trading volume recorded $42.46 million according to data from DeFiLlama, signaling a fierce fight from the speculative community.
Source: DeFiLlama
This shows that as the market began to recover, more risk-on traders flocked in, reflecting increased risk appetite.
A surge in perpetual contract trading volume rarely happens in isolation.
At the same time, Open Interest (OI) also jumped 31% to $205 million, according to data from CoinGlass.
When both trading volume & OI increase, this is usually a sign of new capital flowing into the market – showing expectations of upcoming big moves.
Investing with confidence is investing with accumulation.
Source: CoinGlass
The high demand for buying has caused investors to actively collect APT. Spot Netflow data of -1.74 million USD confirms the net outflow of funds from the exchange, towards personal wallets or cold storage wallets.
Specifically, according to Coinalyze, more than 16.5 million APT Tokens were purchased during this price increase.
Source: Coinalyze
A surge in demand is often a precursor to increased buying pressure, which in turn pushes prices higher.
Aptos bulls regain the upper hand
According to analysis from TinTucBitcoin, Aptos is enjoying strong momentum as buying power returns to the market.
In terms of momentum indicators, APT is extending its streak of higher prices – a clear sign of an uptrend. The +DI in the DMI system has broken out to 29 while the -DI has fallen to 14.
Source: TradingView
APT's RSI also climbed to 56, entering positive territory with no immediate signs of overbought.
If the bullish momentum continues, APT could conquer $5.25 and even target $5.50. However, the bulls need to firmly defend the $5.00 support level to keep this trend intact.
Conversely, if it fails to sustain and close above $5.00, market sentiment will quickly turn negative. At that point, APT could fall back to the $4.53 zone.
Source: https://tintucbitcoin.com/aptos-apt-tang-15-dat-550-usd/
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